Wahala don show for Naira wey dey fall against dollar for Naija market as of Thursday, first time na so e happen for 2026. Central Bank of Nigeria (CBN) report come show say Naira weak, e dey go down to N1,419.72 per dollar from N1,418.26 wey e dey before. Na small N1.46 drop be that o, and for black market, Naira don fall too from N1,480 to N1,490. Na serious matter be this!
But wait o, e no stop there, on Friday, Naira still continue the suffer, dey drop enter N1,423.17 against dollar after N1,419.72 the day before. Na N3.45 depreciation that one carry come, highest wey e don ever reach for this week and 2026. Black market still dey hold N1,490 steady, no change. E be like say the Naira na like yo-yo!
All this depreciation dey happen even as Nigeria reserves dey rise, currently at $45.64 billion as at January 7, 2026. People dey wonder how come reserves dey grow but our currency dey fall like say na pendulum. Make I yarn true, e be like say dollar dey get plenty respect for street. E get one popular tax law wey just land, fit also contribute to this wahala.
Before this wahala start, Naira don dey appreciate, e get to N1,430.84 before wey e come start this steep drop. From January 1, Naira don show some strength, gain small, jump from N1,541.36 wey e start last year to current level. But now, the market dey feel pressure as people dey rush carry their money convert to dollar, with plenty people dey panic.
Market people dey talk say na pressure from people wey dey try withdraw their naira and turn he to dollar wey dey cause this depreciation after dem announce new tax. As e dey now, Naira don fall for black market to N1,500 from N1,485 wey e dey at the close of last year. E be like say na wahala for every corner!
And as we dey enter January, the total inflow come drop sharply, about $74.8 million as last week, na 95% decrease from previous week wey dey record $1.46 billion. Na so wahala go dey for forex ting for this early part of 2026.
Omo, with all this market shakara, you fit reason say na just like small child wey dey try learn how to balance for bicycle – one minute e dey stand well, next minute e don fall.
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